United States of America: Congressional resolution nullifying rule on defining larger participants in the digital consumer payment market was passed by Senate

On 5 March 2025, a joint resolution (SJ Res 28) under the Congressional Review Act (CRA) to disapprove the final rule submitted by the Consumer Financial Protection Bureau (CFPB) titled "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" was passed by the US Senate. The rule would subject large nonbank digital payment providers, including technology firms and digital wallet operators, to CFPB supervisory authority under the Dodd-Frank Act. By passing this resolution, Congress would prevent the rule from going into effect.